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Lingo Media Reports Financial Results for the Second Quarter Ended June 30, 2020 – Canada NewsWire

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TORONTO, Aug. 28, 2020 /CNW/ – Lingo Media Corporation (TSXV: LM) (OTCQB: LMDCF) (FSE: LIMA) (“Lingo Media” or the “Company“), an EdTech company that is ‘Changing the way the world learns languages’ through innovative online and print-based technologies and solutions, announces its financial results for the second quarter ended June 30, 2020.  All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.

Q2 2020 Operational Highlights

  • Online English Language Learning:
    • enhanced reporting functionality
    • improved chat feature and capability
    • added alerts and notifications to distributor and client dashboards
    • initiated work on a new mobile APP
    • secured two sales contracts with a customer in Japan (first client in Japan)
    • secured sales contracts with two universities in Colombia
    • conducted a webinar in LATAM for teachers to help them deal with the COVID/remote teaching challenges with over 1,500 attendees
    • conducted a webinar in Asia for teachers with several hundred attendees
    • in concert with the Canadian Embassy in Colombia, presented to key organizations on how to best teach online
  • Print-Based English Language Learning:
    • expanded the existing market for PEP Primary English program into an additional province in China

Q2 2020 Financial Highlights

Second Quarter Ended June 30st  


2020


2019

Revenue

$

977,389

$

895,205

Operating and development expenses


202,275


230,372

Income before amortization,

share-based payments, depreciation, finance charges and taxes


775,114


664,833

Amortization, share-based payments, and depreciation


34,909


119,527

Finance charges, taxes, foreign exchange


115,876


114,655

Total expenses


353,060


464,554

Net profit


624,329


430,651

Total comprehensive income


557,802


4188,142

Earnings per share

$

0.02

$

0.01

  • Revenue for the second quarter ended June 30, 2020 totalled $977,389 as compared to $895,202 in Q2 2019.
  • Operating and development expenses for the quarter ended June 30, 2020 totaled $202,275 compared to the expenses of $230,372 in Q2 2019. Included as a reduction of selling, general and administrative expenses are government grants of $168,326 relating to the Company’s publishing and software projects. The Company applied Canada Emergency Wage Subsidy (“CEWS”) and received $78,287 during the second quarter as a reduction of General and Administrative Expense.
  • Net profit for the quarter ended June 30, 2020 was $624,329 or $0.02 earnings per share (basic) based on 35.5 million shares or $0.02 earnings per share (diluted) based on 40.4 million shares as compared to a net profit of $430,651 for Q2 2019 or $0.01 earnings per share (basic) based on 35.5 million shares or $0.01 earnings per share (diluted) based on 41.5 million shares.
  • Income before amortization, share-based payments, depreciation, finance charges and taxes was $775,114 in Q2 2020 compared to the income of 664,883 in Q2 2019.

Financial Highlights for the Six-Month Period Ended June 30, 2020

Six Month Period Ended June 30


2020


2019

Revenue

$

1,074,513

$

1,007,169

Operating and development expenses


3,344


610,032

Income before amortization,

share-based payments, depreciation, finance charges and taxes


1,071,169


397,137

Amortization, share-based payments and depreciation


65,694


151,695

Finance charges, taxes and foreign exchange


147,527


129,313

Total expenses


216,56


891,040

Net profit


857,948


116,129

Total comprehensive income

$

956,882

$

89,243

Earnings per share


$ 0.02


$ 0.00

  • Revenue for the six-month period ended June 30, 2020 totalled $1,074,513 compared to $1,007,169 for the same period in 2019.
  • Operating and development expenses for the six-month period ended June 30, 2020 totalled $3,344 as compared to $610,032 for the same period in 2019. The reduction of selling, general and administrative expenses is primarily due to the company received government grants of $223,326 relating to the Company’s publishing and software projects and one-time refundable tax credit, Ontario Interactive Digital Media Tax Credit in the amount of $904,940 related to the Company’s investment in digital products in 2016. The Company applied Canada Emergency Wage Subsidy (“CEWS”) and received $78,287 during the period as a reduction of General and Administrative Expense.
  • Net profit for the six-month period was $857,948 as compared to net profit of $116,129 for the same period in 2019.
  • Income before amortization, share-based payments, depreciation, finance charges and taxes was $1,071,169, as compared to $397,137 for the same period in 2019.

“We are very pleased with the addition of key distributors in our core markets and the results for the first 6 months. COVID has introduced us with both challenges, as well as, opportunities. While our markets initially experienced difficulties adjusting to the new reality of remote learning, we have been seeing enhanced acceptance by institutions to adopt additional e-learning solutions. We expect to see further opportunities in the marketplace as a result,” said Gali Bar-Ziv, President & CEO of Lingo Media.

The unaudited condensed interim financial statements for the quarter ended June 30, 2020 and Management Discussion & Analysis are available at www.sedar.com.

About Lingo Media (TSX-V: LM; OTCQB: LMDCF)

Lingo Media is a global EdTech company that is ‘Changing the way the world learns language‘, developing and marketing products for learners of English through various life stages, from classroom to boardroom.  By integrating education and technology, the company empowers English language educators to easily transition from traditional teaching methods to digital learning.

Lingo Media provides both online and print-based solutions through two distinct business units: ELL Technologies and Lingo Learning.  ELL Technologies provides online training and assessment for language learning, while Lingo Learning is a print-based publisher of English language learning programs in China.

Lingo Media has formed successful relationships with key government and industry organizations internationally, with a particularly strong presence in Latin America and China and the U.S. and continues to both extend its global reach and expand its product offerings.

Follow Lingo Media On:                                                                                   

Facebook: https://www.facebook.com/LingoMedia
Twitter:      @LingoMediaCorp
YouTube:  https://www.youtube.com/lingomedialm 
LinkedIn:   https://www.linkedin.com/company/lingo-media-corporation
RSS:         http://feeds.feedburner.com/LingoMedia

Portions of this press release may include “forward-looking statements” within the meaning of securities laws.  These statements are made in reliance upon Sections 21E and 27A of the Securities Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. These statements are based on management’s current expectations and involve certain risks and uncertainties.  Actual results may vary materially from management’s expectations and projections and thus readers should not place undue reliance on forward-looking statementsLingo Media has tried to identify these forward-looking statements by using words such as “may,” “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. Lingo Media’s expectations, among other things, are dependent upon general economic conditions, the continued and growth in demand for its products, retention of its key management and operating personnel, its need for and availability of additional capital as well as other uncontrollable or unknown factors. No assurance can be given that the actual results will be consistent with the forward-looking statements. Except as otherwise required by US Federal securities laws, Lingo Media undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.  Certain factors that can affect the Company’s ability to achieve projected results are described in the Company’s filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

SOURCE Lingo Media Corporation

For further information: Lingo Media, Khurram Qureshi, CFO, Tel: (647) 831-1462, Email: [email protected], To learn more, visit us at www.lingomedia.com

Related Links

http://www.lingomedia.com

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A new model leverages the power of the media to win hearts and minds for climate action – UN Environment

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Over $500 billion dollars a year is spent on paid media advertising, returning significant profit to the media industry involved in the buying and selling of advertising space. But there is ever-growing awareness of the gravity of the climate crisis, and advertisers, consumers and industry leaders increasingly want to be part of the solution.

“We are excited to see advertisers and the media industry throw their weight behind global efforts to reverse the climate crisis,” says Niklas Hagelberg, the UNEP’s Climate Change Coordinator. “The climate emergency urges us to find new ways to expand and accelerate the rising tide of public support for climate action, especially in an increasingly fragmented media and content landscape. By reaching a mainstream audience of 30 million people through this one-country pilot alone, we see huge potential in this partnership’s capacity to ensure UNEP’s message of the importance and opportunities of climate action reaches many more people worldwide. We’re very grateful to our partner Blue Life, and their implementing partners who have worked tirelessly to bring this to life.”

While there are now high levels of awareness of climate change, there remains confusion and misinformation about what actions are necessary and wide misapprehension that climate action will have a negative impact on peoples’ lives.

Paid advertising media space offers the thoughtful targeting necessary to efficiently reach mainstream audiences and address these misconceptions. However, paid media space is usually prohibitively expensive. To solve this, at the core of the partnership’s concept is the idea that as media space is bought and sold, instead of creating profits margins with each trade, could some of the space be retained for climate positive messages, and therefore transform UNEP’s ability to reach widespread mainstream audiences with climate positive messages.  

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Group wants Parliament, courts to hold social media to same standard as publishers – The Battlefords News-Optimist

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TORONTO — Friends of Canadian Broadcasting is calling on Parliament to restrain social media platforms from distributing harmful or hateful content by applying the same laws that publishers and broadcasters already face.

The lobby group’s executive director says courts should be penalizing social media platforms that knowingly spread harmful content.

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Daniel Bernhard made the comments shortly after Friends of Canadian Broadcasting released a research paper that argues social media platforms aren’t passive or neutral when it comes to content distribution.

The report says platforms like Facebook and YouTube routinely exercise editorial control by promoting content that users have never asked to see or sometimes conceal content without consulting users.

The report says traditional publishers can be held partly liable under Canadian law for harmful content but the same standard hasn’t been applied to internet platforms.

The report was released as members of Parliament return to Ottawa this week and the Trudeau government prepares to lay out its plans for the coming session.

Among other things, Bernhard said that social media tell regulators and advertisers that they have very detailed knowledge of what’s being posted on their platforms and exercise control over what is made available to the public.

“(Facebook CEO) Mark Zuckerberg has claimed under oath that Facebook takes down 99 per cent of terrorist content before a human user ever sees it (and) 89 per cent of hate speech supposedly comes down before a human ever sees it,” Bernhard said.

He said that means Facebook in particular, and social media in general, should have the same responsibility to abide by Canadian laws as conventional publishers and broadcasters.

“If a judge finds that the content is illegal and that a platform has amplified it, the platform should be held responsible. And not only that, but that the penalty should be commensurate to their revenue and size so it hurts accordingly,” Bernhard said.

Facebook has said internet platforms are recognized as intermediaries, not publishers, under the U.S.-Mexico-Canada free trade agreement.

But Zuckerberg has also said Facebook has a responsibility to keep people safe and suggested new regulations could provide a standardized approach.

“These are complex issues and we are always open to discussing these important topics with the government,” a Facebook statement said Monday.

This report by The Canadian Press was first published Sept. 21, 2020.

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Pegatron plans to invest $1 billion in Vietnam plant: state media – TheChronicleHerald.ca

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HANOI (Reuters) – Taiwan’s Pegatron 4938.TW> is seeking to invest $1 billion in three phases in production facilities in areas such as computing, communication and consumer electronics in Vietnam, state-media reported on Tuesday.

Pegatron, which is a manufacturing partner of Apple , Microsoft and Sony 6758.T>, had received licenses to initially invest $19 million in the city of Haiphong, the Hanoitimes and Tuoi Tre newspapers reported, citing a report by the Ministry of Planning and Investment.

Pegatron was also seeking licences for a $481-million second phase and $500 million in 2026-2027, the papers said, adding these were expected to create 22,500 jobs and contribute around 100 billion dong ($4.31 million) to the state budget per year.

Reuters was unable to obtain a copy of the report and calls to the ministry were not answered.

Pegatron did not immediately respond to a request for comment.

Under the plans, Pegatron would join Apple’s two other iPhone assemblers, Wistron Corp 3231.TW> and Foxconn 2317.TW>, in developing more capacity in Vietnam.

Apple has been producing its wireless earbuds AirPods Pro in Vietnam since May.

Su Chih-Yen, acting director of the Investment Commission of Taiwan’s Economics Ministry, told Reuters it had not yet approved such an investment, but declined to comment on whether they had received an application.

In a bid to skirt U.S. tariffs on Chinese goods, Taiwanese companies have been particularly active in either moving production back home or elsewhere in Asia.

Another Taiwanese company, Universal Global Technology, which produces smartphone and earbuds parts for Lenovo 0992.HK> and Sony, was also looking to set up a plant in Vietnam, Hanoitimes cited the report as saying.

ASE Technology Holding, parent company of Universal Global Technology, did not immediately respond to an emailed request for comment.

(Reporting by Phuong Nguyen; Additional reporting by Khanh Vu and Jeanny Kao in Taipei; Editing by Ed Davies)

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